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Supply

chapter 5

QuestionAnswer
What is the main motivation for producers? profit
Supply is from the viewpoint of which group? producers
According the the Law of Supply, producers supply more based on; price
The relationship between supply and price is; direct
rivalry between businesses that sale the same product competition
the revenue received from selling one more of the product marginal revenue
the production cost of producing one more of the product marginal cost
The main concern of producers; cost of production
The change in output that one more worker makes marginal product of labor
cost that does not change fixed cost
cost that changes as production changes variable cost
fixed plus variable cost total cost
government payment that supports a business or market subsidy
government intervention in a market that affects the production of a good regulation
Created by: lbeale
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